Self-Cert mortgages - who does the best rate?
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Right, so we're going to need a mortgage - self-cert, of course. BoS will lend at 85% LTV on about 4.7%, but I'm sure we can do better than that. Don't mind locking in to a fixed rate for 2-3 years, on the basis that it's 99% certain that rates aren't going to go down in that period (and if they do, it won't be by much), but it's fairly likely that they might sit up a bit during that time.
Where's the best place to look? ThisIsMoney.co.uk don't seem to list self-cert mortgages (well, not that I can find, anyway).
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a self-certification mortgage is one whereby the lender does not require you to prove your earnings etc. I *think* you have to get a letter from someone (an accountant/PFA) to state you can afford the repayments, but that is it.
It is meant for self-employed etc. Generally, the rates on offer won't be as good as "normal" mortgages.
[Edited by imlach - 9/24/2003 2:28:59 PM]
It is meant for self-employed etc. Generally, the rates on offer won't be as good as "normal" mortgages.
[Edited by imlach - 9/24/2003 2:28:59 PM]
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Abbey National 3.85% Base rate tracker discount for 2 years
Mortgage Express 4.99% Fixed until 3.12.05
Those were quoted to me just before the recent reductions in base rate so may be lower now
I have 4 self cert mortgages (mix of interest only ,Buy to Lets, and repayment) and the above Co's together with Intelligent Finance at 4.95% have been the best lenders
Mortgage Express 4.99% Fixed until 3.12.05
Those were quoted to me just before the recent reductions in base rate so may be lower now
I have 4 self cert mortgages (mix of interest only ,Buy to Lets, and repayment) and the above Co's together with Intelligent Finance at 4.95% have been the best lenders
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You don't need any proof of earnings with a self-cert, not even a letter from an accountant. That's the whole point. The only rule is that the LTV can't be more than 85% (although some ask for a lower %age than that).
Thanks for the tips though guys - I'll check out Abbey and the others mentioned.
Thanks for the tips though guys - I'll check out Abbey and the others mentioned.
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Don't really want variable, since rates are only likely to go up. RBOS gave us the option of a 4.7% variable self-cert, but tied in for 3 years. I can't see why anyone would go for a variable that's tied in!??!
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Well the rate usually only goes up or down in 0.25% steps, so you've got to have a lot of rate increases before it becomes a problem. Ours isn't locked in, so if the interest rate starts to look dodgy we can always ditch it for something else.
PS: When we organized ours about 9 months ago, I thought "rates can only go up". Since then we've had two rate reductions -- one just after we'd moved in (and before we'd made the first payment) and one last month
[Edited by carl - 9/24/2003 3:39:14 PM]
PS: When we organized ours about 9 months ago, I thought "rates can only go up". Since then we've had two rate reductions -- one just after we'd moved in (and before we'd made the first payment) and one last month
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[Edited by carl - 9/24/2003 3:39:14 PM]
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Yeah, but the point is that once rates start moving up, you've missed the boat. And sure, rates might drop, but they're not likely to drop by much. 12 months ago I had a punt that they might drop by another .25-.5%, but I can't see that happening now. And even if they did drop, it wouldn't be too much of a worry, whereas if they went up I'd like to know my rates aren't going up with 'em. ![Big Grin](https://www.scoobynet.com/images/smilies/biggrin.gif)
Can anyone tell me how to get to the Self-cert page on Abbey's website?
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Can anyone tell me how to get to the Self-cert page on Abbey's website?
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OK so what would the repayments be on a 25 year mortgage for say £130k at the 4.7%. Its probably easy to work out but I haven't got a clue how the mortgage lenders calculate it! ![Confused](https://www.scoobynet.com/images/smilies/confused.gif)
Oh and repayment only!![Smile](https://www.scoobynet.com/images/smilies/smile.gif)
[Edited by ************** - 9/24/2003 5:06:33 PM]
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Oh and repayment only!
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[Edited by ************** - 9/24/2003 5:06:33 PM]
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Bravo, there are plenty of good calculators out there - just stick 'mortgage calculator' into google. I found this one did the job. ![Big Grin](https://www.scoobynet.com/images/smilies/biggrin.gif)
Can't find a link to the Abbey self-cert mortage - anyone here got one? According to Charcol, the best self-cert fixed rate is 4.69% with the Halifax for 40 months, although I can't quite believe that's the best deal myself. Having said that, self-cert rates are always fractionally better than 'normal' mortgages.
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Can't find a link to the Abbey self-cert mortage - anyone here got one? According to Charcol, the best self-cert fixed rate is 4.69% with the Halifax for 40 months, although I can't quite believe that's the best deal myself. Having said that, self-cert rates are always fractionally better than 'normal' mortgages.
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Cheers MarkO, if thats accurate then I'm a happy chappy but have to have a self cert to take that much out. Stupid thing is its not much more than what I am paying now as I have a couple of added loans on my mortgage that bump the payment right up
and my current mortgage is nowhere and I mean nowhere near that amount!
Better speak to a financial advisor as I have just found the ideal house that I want to view this weekend!
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Better speak to a financial advisor as I have just found the ideal house that I want to view this weekend!
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#24
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do Bos advertise their self cert mortgages on the website - I find most don't.
I'm with the woolwich at the moment and am tied in for another 15 months but wanting to move they will only go to 80% LTV so 85% may solve my problems...
I'm with the woolwich at the moment and am tied in for another 15 months but wanting to move they will only go to 80% LTV so 85% may solve my problems...
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BoS don't mention self-cert on their website. However, they do do them, although only on variable rates - they don't do fixed rate flexible mortgages. Give 'em a call on 0800 810810 if you want to find out more.
Had a look for mortgages using Charcol's mortgage finder wizard. Came up with a 3-year 4.25% fixed rate self-cert mortgage from the Halifax. Should do the job nicely, with a bit of luck.
Had a look for mortgages using Charcol's mortgage finder wizard. Came up with a 3-year 4.25% fixed rate self-cert mortgage from the Halifax. Should do the job nicely, with a bit of luck.
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Erm... Abbey have 27 different self cert products. They only go to 75% LTV
Call them and ask them about product code "VT045 2yr T+0.1 emp S/C"
It is a BOE base rate +0.1% tracker, so at the minute it is 3.6% for two years.
If it is a remortgage use product code VT039 and you get free conveyancing and valuation.
The new 'Abbey' website is still goofing around, but if it is back to normal tomorrow I will give you a pointer to the appropriate place
Call them and ask them about product code "VT045 2yr T+0.1 emp S/C"
It is a BOE base rate +0.1% tracker, so at the minute it is 3.6% for two years.
If it is a remortgage use product code VT039 and you get free conveyancing and valuation.
The new 'Abbey' website is still goofing around, but if it is back to normal tomorrow I will give you a pointer to the appropriate place
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Ah, fb's hit the nail on the head. I spoke to Abbey direct, and she did say that some brokers can arrange self-cert, but they don't do any themselves when you go direct. But TBH 75% LTV is a bit sh1te really - it'd mean coming up with another 10k in cash which I'm not interested in doing.